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AP MacroEconomics Module 1-4 Exam Questions and Answers
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AP MacroEconomics Module 1-4 Exam Questions and Answers
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AP MacroEconomics Module 1-4 ExamQuestions and Answers
Economics ii- iiAnswers ii-Study iiof iiscarcity iiand iichoice
Individual iiChoice ii- iiAnswers ii-Decisions iimade iiby iian iiindividual iiabout iiwhat iito iiand
iinot iito iido
T iior iiF? iiEvery iieconomic iiissue iiinvolves iiindividual iichoice? ii- iiAnswers ii-T
What iiis iian iieconomy? ii- iiAnswers ii-System iifor iicoordinating iia iisociety's iiproductive
iiand iiconsumptive iiactivities
What iiis iia iimarket iieconomy? ii- iiAnswers ii-In iithis iieconomy iiindividual iiproducers iiand
iiconsumers iilargely iidetermine iiwhat, iihow, iiand iifor iiwhom iito iiproduce iiwith iilittle
iigovernment iiinvolvement
What iiis iia iicommand iieconomy? ii- iiAnswers ii-Alternative iito iia iimarket iieconomy iiwhere
iiindustry iiis iipublicly iiowned iiand iia iicentral iiauthority iimakes iiproduction iiand
iiconsumption iidecisions
What iiis iia iicommon iiissue iiwith iicommand iieconomies? ii- iiAnswers ii-Lack iiof
iiincentives, iiConsumers iido iinot iiwant iiwhat iithe iicentral iiauthority iiproduces, iiand
iiconsumers iiare iioften iiunable iito iifind iinecesseray iiitems
What iiare iiincentives? ii- iiAnswers ii-Rewards iior iipunishments iithat iimotivate iiparticular
iichoices
In iimarket iieconomies iiwhat iicauses iiincentives iifor iiproducers? ii- iiAnswers ii-In iimarket
iieconomies, iiproducers iiare iiallowed iithe iifreedom iito iiraise iiprices iifor iiitems iiwhen iithe
iigoods iiare iiscarce iiwhich iicreates iiincentives iifor iithese iiproducers iito iiproduce iimore
What iiare iiproperty iirights? ii- iiAnswers ii-Rights iithat iiestablish iiownership iiand iigrants
iiindividuals iithe iiright iito iitrade iigoods iiand iiservices iiwith iieachother
What iiare iicommon iieffects iiof iiproperty iirights? ii- iiAnswers ii-Creates iiincentives;with
iithe iiright iito iiown iiproperty iicomes iithe iiincentive iito iiproduce iithings iiof iivalue iieither iito
, iikeep iior iitrade iifor iimutual iigain/ownership iicreates iian iiincentive iito iiput iiresources iito
iitheir iibest iipossible iiuse
What iiare iimarginal iidecisions? ii- iiAnswers ii-(in iian iieconomy) iiExamples iiinclude iithe
iidecisions iiof iiwhat iito iido iiwith iithe iinext iiton iiof iipollution iiand iithe iinext iihour iiof iifree
iitime. iiThey iiinvolve iitrade iioffs iiat iithe iimargin, iicomparing iithe iicosts iiand iibenefits iiof
iidoing iia iilittle iibit iimore iior iiless iiof iian iiactivity
What iiis iia iimarginal iibenefit? ii- iiAnswers ii-The iigain iifrom iidoing iisomething iione iimore
iitime
What iiis iia iimarginal iicost? ii- iiAnswers ii-The iicosts iiof iidoing iisomething iione iimore iitime
When iiit iicomes iito iimarginal iidecisions iiwhen iishould iisomeone iicontinue iian iiactivity? ii-
iiAnswers ii-When iithe iimarginal iibenefit iiexceeds iithe iimarginal iicost
What iiis iimarginal iianalysis? ii- iiAnswers ii-Study iiof iithe iicosts iiand iibenefits iiof iidoing iia
iilittle iimore iiversus iiless iiof iian iiactivity
What iiis iia iiresource? ii- iiAnswers ii-Anything iithat iican iibe iiused iito iiproduce iisomething
iielse; iiAKA iifactors iiof iiproduction
What iiare iithe iifour iicategories iiof iiresources? ii- iiAnswers ii-Land, iilabor, iicapital, iiand
iientrepreneurship
What iiis iiland? ii- iiAnswers ii-Resources iithat iicome iifrom iinature iiincluding iiminerals,
iitimber, iiand iipetroleum
What iiis iilabor? ii- iiAnswers ii-Effort iiof iiworkers
What iiis iiCapital? ii- iiAnswers ii-Manufactored iigoods iisuch iias iimachinery, iibuildings,
iiand iitools, iiused iito iimake iiother iigoods iiand iiservices
What iiis iientrepreneurship? ii- iiAnswers ii-Describes iithe iiefforts iiof iientrepreneurs iito
iiorganize iiresources iifor iiproduction, iitakings iirisks iito iicreate iinew iienterprises, iiand
iiinnovating iito iidevelop iinew iiproducts iiand iiproduction iiprocesses
What iimakes iisomething iia iiscarce iiresource? ii- iiAnswers ii-When iiit iiis iinot iiavailable iiin
iisufficient iiquantities iito iisatisfy iiall iithe iivarious iiways iia iisociety iiwants iito iiuse iiit
T iior iiF? iiScarcity iiof iiresources iimeans iisociety iias iia iiwhole iimust iimake iichoices ii-
iiAnswers ii-T
What iiis iian iiopportunity iicost? ii- iiAnswers ii-Value iiof iiwhat iiyou iimust iigive iiup iiwhen
iiyou iimake iia iiparticular iichoice
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